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RehabCare Reports First Quarter 2011 Results

RehabCare Group, Inc. (NYSE:RHB) today reported the following financial results:
First Fourth First
Quarter Quarter Quarter
Amounts in millions, except per share data 2011 2010 2010
Consolidated Operating Revenues $ 364.6 $ 339.3 $ 322.0
Consolidated Operating Earnings (a) 37.8 36.1 31.6
Consolidated Net Earnings from Continuing Operations 19.5 18.6 14.3
Gain from Discontinued Operations, Net of Tax (b)   2.9     0.7     0.5
Consolidated Net Earnings 22.4 19.3 14.8
Net (Earnings) Loss Attributable to Noncontrolling Interests   (1.6 )   (2.2 )   0.2
Net Earnings Attributable to RehabCare 20.8 17.1 15.0
Diluted Earnings per Share Attributable to RehabCare:
Earnings from Continuing Operations, Net of Tax 0.71 0.66 0.59
Net Earnings 0.83 0.69 0.61
Hospital Operating Revenues 181.4 164.8 152.4
Hospital EBITDA 32.0 25.1 19.7
Hospital Operating Earnings 25.9 19.2 14.3
SRS Operating Revenues 136.9 128.1 126.4
SRS EBITDA 9.6 8.8 11.7
SRS Operating Earnings 8.0 7.4 10.3
HRS Inpatient Operating Revenues 33.1 33.7 31.1
HRS Outpatient Operating Revenues   13.3     12.7     12.1
HRS Operating Revenues 46.4 46.4 43.2
HRS EBITDA 9.2 10.2 7.5
HRS Operating Earnings 8.7 9.6 6.9
(a)   The first quarter of 2011 includes certain transaction expenses related to the pending merger with Kindred Healthcare, Inc. of $4.8 million on a pretax basis, or $3.0 million after tax (see table on page 9). These costs have not been allocated to the Hospital, Skilled Nursing or Hospital Rehabilitation Services divisions.
(b) The after-tax gain from discontinued operations of approximately $3.0 million in the first quarter of 2011 includes a $3.1 million after-tax gain on the sale of an inpatient rehabilitation facility (IRF) in Miami and a $0.1 million after-tax loss from the Miami IRF’s discontinued operating activities.

Management Comments

John H. Short, Ph.D., RehabCare President and Chief Executive Officer, commented, “We had a great first quarter with strong year-over-year earnings growth, primarily the result of significantly improved operations and volumes in our Hospital division. The anticipated benefits of our merger with Triumph HealthCare have come to fruition.”

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